These energy stocks saw increased attention in the market for various reasons.
Chesapeake Energy (CHK) trading a hair lower after a NY Times article accused the company of exaggerating natural gas shale wells' productivity and industry reserve estimates of future well performance despite numerous available sources verifying the estimates. Aubrey McClendon, Chesapeake's Chief Executive Officer, commented, "Chesapeake stands behind all of its statements to shareholders, partners and the public regarding our natural gas discoveries and production. Our industry's operations and investment decisions are informed and guided by the best geoscientific, petrophysical and 3-D seismic data available and analyzed by some of the best drilling, completion, production and reservoir engineers in the business. The results of the industry's efforts to revolutionize natural gas development and production have been extraordinary and continue to improve."
Range Resources (RRC) was also under pressure after it announced a CEO transition plan. In accordance with the plan, Range's President, Jeffrey Ventura, will assume the additional role of Chief Executive Officer beginning January 1, 2012. At such time, John Pinkerton, Range's current Chief Executive Officer, will assume the position of Executive Chairman. Mr. Pinkerton has served as Range's CEO since 1992. Mr. Ventura, currently President and Chief Operating Officer of Range has been with the Company since 2003 and was elected a Director in 2005.
El Paso (EP) and Spectra Energy (SE) were slightly higher after they announced that their jointly developed project, Marcellus Ethane Pipeline System ("MEPS"), is holding a 30-day open season in an effort to secure binding commitments from potential shippers that desire ethane transportation service from West Virginia and Pennsylvania Marcellus Shale supply areas to destination interconnect points with third party ethane pipelines or storage facilities in the Gulf Coast area. The MEPS project is being designed to transport up to 90,000 barrels per day and has an anticited in-service date of 4th Quarter 2014.